Gold is trading below $1700 amid a strengthening dollar

At the beginning of the new trading week, the price of gold shows a steady decline: on Monday, the precious metal quotes fell below the psychological level of $ 1,700. The current price of gold is $1,673 per troy ounce.

Gold prices have been declining for the fourth consecutive session on the back of the strengthening of the US dollar, supported by strong data on the labor market. Friday's Non-Farm payrolls report showed that unemployment in September fell to 3.5% from August's level of 3.7%, although markets did not expect a change in the indicator. The number of people employed in non-agricultural sectors of the economy increased by 263 thousand, while analysts predicted an indicator of 250 thousand.

Such macro statistics reinforced expectations that the US Federal Reserve will continue to tighten monetary policy, which traditionally supports the dollar and restrains the price of gold.

The dollar index reached a more than 7-day peak (113.225), making gold more expensive for holders of other currencies.

Silver for December delivery lost 3.4% in price and fell to $19,538. Palladium prices fell to $2,216 per ounce, platinum fell to $899.